News Muncher - category ibc

2 days, 9 hours ago

IBC | Moratorium Does Not Extinguish Claim : Supreme Court

Live Law

The Supreme Court has held that a moratorium declared under Section 14 of the Insolvency and Bankruptcy Code, 2016 will not extinguish a claim. The Court stated that Section 14 bars the institution/continuation of legal proceedings against the corporate debtor, transfer of assets, enforcement of security interest etc. "If the argument that the claims of all the creditors of the …

Court Moratorium Section 14 Claim Supreme

2 days, 10 hours ago

Non Impleadment Of Owner As Party By Liquidator In Application U/S 19 Of IBC Not Malafide If Ownership Was Uncertain: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Arun Baroka and Barun Mitra has held that non impleadment of the owner in application under section 19 of the code filed by the liquidator due to the uncertainty over the ownership of the premises cannot be termed malafide. However, on 01.07.2020, the liquidator filed Section 19 application under IBC …

Corporate Office Application Tribunal Filed Owner Authority

IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court

Live Law

The Supreme Court has observed a default is not necessary for a debt to become a financial debt under the Insolvency and Bankruptcy Code, 2016. A bench comprising Justice Abhay S Oka and Justice Augustine George Masih held that under Section 5 of the IBC, any person to whom financial debt is owed becomes a Financial Creditor even if there …

Supreme Court Financial Bank Debt Appellants Person Claim

IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court

Live Law

The Supreme Court has observed a default is not necessary for a debt to become a financial debt under the Insolvency and Bankruptcy Code, 2016. A bench comprising Justice Abhay S Oka and Justice Augustine George Masih held that under Section 5 of the IBC, any person to whom financial debt is owed becomes a Financial Creditor even if there …

Court Bank Appellants Person Claim Default Owed

3 days, 12 hours ago

Half-Full: Post IBC, How Do We Encourage A Healthy Real Estate Participation?

Live Law

The valuation of Indian real estate sector has witnessed a surge like none other. While the defaults have been recovered, it implies the grave danger posed by unethical practices in Indian real estate sector. IBBI also plans to streamline real estate insolvency processes by making the CoC meeting minutes for real estate projects accessible to all creditors through a secure …

Real Estate Legal Insolvency Cases Indian Estate Real

5 days, 5 hours ago

CIRP Can't Be Extended Beyond 330 Days U/S. 12(3) Of IBC Absence Of “Exceptional Circumstances”: NCLAT

Live Law

The NCLAT bench of Justice Ashok Bhushan and Arun Baroka has observed that the maximum timeline prescribed under Section 12 of the Insolvency and Bankruptcy Code is 330 days. Relying on the Supreme Court's judgment in Greater Noida Industrial Development Authority v. Prabhjit Singh Soni & Anr., the Tribunal observed that an order can only be recalled on limited grounds, …

Supreme Court Exceptional Circumstances Application Order Recall Auction Tribunal

5 days, 6 hours ago

Copy Of Other Prospective Resolution Applicants' Plans Cannot Be Shared When Suspended Management Is Also A Resolution Applicant: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that copy of the Resolution Plans submitted by other Prospective Resolution Applicants cannot be shared in advance with the suspended management of the corporate debtor when the suspended management is also a Resolution Applicant. It was further submitted that the CoC had approved the resolution …

Resolution Applicant Tribunal Plan Plans Shared Suspended

6 days, 13 hours ago

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the pendency of proceedings before the NCLT for approval of the scheme of arrangement does not preclude the Financial Creditor to proceed with Section 7 application. That the very fact that the Corporate Debtor during pendency of Section 7 application has …

Supreme Court Corporate Corporate Debtor Bank Application Debt Tribunal

1 week ago

IBC Weekly Round-Up [9th December To 15th December 2024]

Live Law

NOMINAL INDEX Indian Renewable Energy Development Agency Limited Versus Waaree Energies Limited and Anr., Company Appeal No.1380 of 2024 Suraksha Asset Reconstruction Ltd. 139 of 2024 NCLAT Raising Money Through Optional Convertible Debentures Can Be Considered As Financial Debt U/S 5: NCLAT Case Title: Indian Renewable Energy Development Agency Limited Versus Waaree Energies Limited and Anr. Case Number: Company Appeal …

Appeal Insolvency Technical Company 2024 New Delhi Held

1 week, 1 day ago

NCLT Can Allow Date Of Default To Be Amended In CIRP Proceedings: NCLAT

Live Law

The National Company Law Appellate Tribunal bench of Justice Rakesh Kumar Jain, Mr. Naresh Salecha and Mr. Indevar Pandey has held that the NCLT is empowered to allow the parties to amend the pleadings before the final orders in Corporate Insolvency Resolution Process proceedings are passed. The initial default date of 31.10.2020 falls within the moratorium period under Section 10A, …

Corporate Corporate Debtor Bank Tribunal Held Period Nclt

1 week, 2 days ago

ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW

The Hindu

The Enforcement Directorate has restituted assets worth ₹4,025 crore to JSW, a Successful Resolution Applicant in the matter of the erstwhile Bhushan Power and Steel Limited under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code. The assets were provisionally attached by the ED under Section 5 of Prevention of Money Laundering Act as the erstwhile promoters of …

Properties Assets Crore Banks Ibc Jsw Cirp

1 week, 4 days ago

Secured Creditor Is Liable To Pay Liquidator's Fees Under Rule 21A Of Liquidation Regulations If Option U/S 52 Of IBC Is Exercised: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that the fee of the liquidator has to be paid within 90 days from the liquidation commencement date as provided under Regulation 21A of the Liquidation Regulations if the secured creditor opts to realise its security interest under section 52 of the code. Observations: …

Regulation Regulations Pay Case Respondent Fee Asset

1 week, 4 days ago

Petition U/S 7 Of IBC Cannot Be Barred For Default Committed Prior To S.10A Period: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that when default has been committed by the Corporate Debtor prior to Section 10A period, any default committed during the Section 10A period cannot be held to bar the application which is filed on the basis of default prior to Section 10A and subsequent …

Corporate Interest Tribunal Period Date Petition Default

1 week, 5 days ago

[IBC] Telangana HC Quashes Proceedings Against Ex-Director Of Company, Says IRP Had Already Taken Charge When Complaint Was Filed

Live Law

The High Court of Telangana has delivered an important decision on the issue regarding criminal liability of Directors and corporate governance. Gena Pharmaceuticals Limited of manufacturing and marketing drugs with objectionable Counsel for the petitioner, Advocate Zubin JF Poovathinkal, contended that the petitioner had stepped down from the position of Director in 2019, and the company's complete control was transferred …

Court Director Criminal Company Liability State Held

2 weeks ago

IBC Weekly Round Up [2nd December To 8th December, 2024]

Live Law

Nominal Index: Harsh Mehta Versus Securities and Exchange Board of India and Ors., WRIT PETITION NO. 737, 783 of 2024 Mr. Gajjala Yoganand versus Mr. Birendra Kumar Agarwal and Ors., IA No.373 of 2024 in CP No.296/7/HDB/2022 M/s Avani Towers Private Limited vs. M/s Energy Properties Private Limited, IA No. Related Party Can't Be Allowed Backdoor Entry Into CoC On …

India Insolvency Resolution Corporate Debtor Title Technical Resolution Professional

2 weeks, 1 day ago

Delisting Regulations Of SEBI Not Applicable To Delisting Of Equity Shares Under Resolution Plan: Bombay High Court

Live Law

The Bombay High Court bench of Justices M.S.Sonak and Jitendra Jain has held that Delisting Regulations framed by the SEBI would not be applicable to the delisting of shares of the company in pursuance of the approval of a Resolution Plan under section 31 of the code. The petitioner submitted that the impugned regulation violates the objective of the SEBI …

India Court Resolution Regulations Resolution Plan Plan Sebi

2 weeks, 2 days ago

Insolvency process: RBI Deputy Guv pitches for enforceable code of conduct for CoC

Live Mint

New Delhi, Dec 7 Reserve Bank Deputy Governor M Rajeshwar Rao on Saturday pitched for an enforceable code of conduct for the Committee of Creditors under the insolvency resolution process. Even when the resolution plan is agreed upon, Rao said there have been instances of non-participation in the CoC meetings and a lack of effective engagement, coordination or information exchange …

Insolvency Resolution Rao Coc Ibc Deputy Governor Enforceable Code

2 weeks, 3 days ago

Declaration Of Loan Account/ Debt As NPA Can Be Considered As Date Of Default To File Petition U/S 7 Of IBC: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that upon declaration of the loan account/ debt as NPA that date can be reckoned as the date of default to enable the Financial Creditor to initiate action under Section 7 of the Code. There being default by the Corporate Debtor prior to 01.03.2020 and also …

Corporate Bank Application Debt Period Date File

2 weeks, 5 days ago

IBC reforms: Let’s strengthen the Code as a key growth enabler

Live Mint

The Insolvency and Bankruptcy Code transformed India’s approach to corporate financial distress. The IBC succeeded because the entire ecosystem and institutional infrastructure, from regulators, including the new Insolvency and Bankruptcy Board of India, and the legislature to the courts, banks and the market worked for it. The rate of recovery fell to 27% of creditors’ admitted claims in 2023-24 from …

India Insolvency Resolution Nclt Value Need Dues

2 weeks, 5 days ago

IBC Monthly Digest: November 2024

Live Law

NOMINAL INDEX Noida Special Economic Zone Authority Vs. Manish Agarwal & Ors., CIVIL APPEAL NOS. Case Reference: Company Appeal No.355 of 2024 The NCLAT New Delhi Bench of Justices Ashok Bhushan, Barun Mitra and Arun Baroka held that the IBC being a special statute and having a non-obstante clause under section 238 of the IBC shall prevail over the TRAI …

Mumbai Appeal Court Chennai Insolvency Corporate Debtor Title

2 weeks, 5 days ago

E-auction of sick business assets on dedicated platform may become compulsory

Live Mint

New Delhi: Auction of assets like land, buildings, plant and machinery belonging to businesses getting liquidated is likely to see a wider public participation, with the Insolvency and Bankruptcy Board of India planning to make these transactions more mainstream. After asking liquidators on 29 October to list all such assets of companies facing liquidation on the eBkray platform set up …

Assets Auction Platform Jain Portal Srivastava Ibc

2 weeks, 6 days ago

Establishing “Pre-Existence Disputes” Under The IBC Regime

Live Law

The Insolvency and Bankruptcy Code was enacted to facilitate timely resolution to insolvency proceedings, maximisation of value of assets of the debtors, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. However, the section has been liberally interpreted by the Supreme Court in Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited, wherein it has …

Corporate Dispute Insolvency Operational Disputes Tribunal Notice

2 weeks, 6 days ago

Limitation Period For Both Corporate Debtor And Personal Guarantor Will Commence From Same Date: NCLT Hyderabad

Live Law

The NCLT Hyderabad bench of Sri Rajeev Bhardwaj and Sri Sanjay Puri has held that the Personal Guarantor should be treated on an equal legal footing with the Corporate Debtor, as it is clearly established by the law that the liability of Corporate Debtor and Personal Guarantor are co-extensive in nature. The petitioner submitted that the Guarantee Agreement is a …

Contract Personal Corporate Corporate Debtor Limitation Resolution Plan Tribunal

2 weeks, 6 days ago

Related Party Can't Be Allowed Backdoor Entry Into CoC On Account Of Its Operational Debt: NCLT Kolkata

Live Law

The NCLT, Kolkata bench of Justice Ashok Kumar Bhardwaj has held that once a Financial Creditor had been classified as a “related party”, it could not be allowed to gain entry into Committee of Creditors on account of its Operational Debt as it would amount to defeating the legislative intent of keeping related parties out and running of CoC by …

Supreme Court Corporate Corporate Debtor Operational Creditor Operational Party Debt

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Articles for Ibc

IBC | Moratorium Does Not Extinguish Claim : Supreme Court

Non Impleadment Of Owner As Party By Liquidator In Application U/S 19 Of IBC Not Malafide If Ownership Was Uncertain: NCLAT

IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court

IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court

Half-Full: Post IBC, How Do We Encourage A Healthy Real Estate Participation?

CIRP Can't Be Extended Beyond 330 Days U/S. 12(3) Of IBC Absence Of “Exceptional Circumstances”: NCLAT

Copy Of Other Prospective Resolution Applicants' Plans Cannot Be Shared When Suspended Management Is Also A Resolution Applicant: NCLAT

Pendency Of Proceedings Before NCLT For Approval Of Scheme Of Arrangement Does Not Preclude Financial Creditor From Filing Petition U/S 7: NCLAT

IBC Weekly Round-Up [9th December To 15th December 2024]

NCLT Can Allow Date Of Default To Be Amended In CIRP Proceedings: NCLAT

ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW

Secured Creditor Is Liable To Pay Liquidator's Fees Under Rule 21A Of Liquidation Regulations If Option U/S 52 Of IBC Is Exercised: NCLAT

Petition U/S 7 Of IBC Cannot Be Barred For Default Committed Prior To S.10A Period: NCLAT

[IBC] Telangana HC Quashes Proceedings Against Ex-Director Of Company, Says IRP Had Already Taken Charge When Complaint Was Filed

IBC Weekly Round Up [2nd December To 8th December, 2024]

Delisting Regulations Of SEBI Not Applicable To Delisting Of Equity Shares Under Resolution Plan: Bombay High Court

Insolvency process: RBI Deputy Guv pitches for enforceable code of conduct for CoC

Declaration Of Loan Account/ Debt As NPA Can Be Considered As Date Of Default To File Petition U/S 7 Of IBC: NCLAT

IBC reforms: Let’s strengthen the Code as a key growth enabler

IBC Monthly Digest: November 2024

E-auction of sick business assets on dedicated platform may become compulsory

Establishing “Pre-Existence Disputes” Under The IBC Regime

Limitation Period For Both Corporate Debtor And Personal Guarantor Will Commence From Same Date: NCLT Hyderabad

Related Party Can't Be Allowed Backdoor Entry Into CoC On Account Of Its Operational Debt: NCLT Kolkata